|
|
The Commission consults on the improvement of supervision for the financial services sector. Following the de Larosiere report the Commission intends to come forward with a Communication setting out its proposals on the future of the EU supervisory architecture by the end of May 2009 followed by specific legislative measures in autumn 2009.
The Commission calls for a supervisory system combining stronger oversight at EU level with maintaining a key role for national supervisors. It backs the Group's proposal to set up an early warning body under ECB auspices to identify and tackle systemic risks.
In May, the Commission will put forward to the June European Council a detailed plan for revising the European supervisory architecture based on the de Larosière report. It intends to bring forward legislative proposals on the new supervisory framework in the autumn.
The Commission invites any interested parties to submit their comments on the proposals on financial supervision made in the de Larosière report and in the Commission Communication of 4 March 2009.
Deadline for comments is 10 April 2009
Press release
De Larosiere report
Commission communication